Nissan To Cut Over 10,000 Jobs Globally Amid Financial Struggles: Report

Nissan Layoffs: Nissan Motor is preparing to implement further workforce reductions, planning to eliminate over 10,000 additional positions worldwide, according to a report by Japan’s public broadcaster NHK. These new cuts will bring the total number of job losses to around 20,000, or approximately 15 per cent of the automaker’s global workforce.

The layoffs come as Nissan faces mounting financial pressure, with the company having previously signaled it would post a record net loss of between 700 billion yen and 750 billion yen ($4.74 billion to $5.08 billion) for the fiscal year that ended in March. The anticipated loss is largely attributed to significant impairment charges, reflecting the company’s ongoing efforts to restructure operations and cope with falling profitability.

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Cost-Cutting Strategy

The additional job cuts are part of a broader cost-cutting strategy as Nissan continues to navigate a challenging global automotive market and internal restructuring following years of declining sales and profitability. The company is expected to formally disclose its financial results for the 2024 fiscal year on Tuesday.

While NHK cited unnamed sources familiar with the matter, Nissan has yet to officially confirm the reported layoffs. A spokesperson for the automaker declined to comment on the update, as per a Reuters report.

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Challenges In The Auto Sector

The move underscores the depth of the challenges facing the company, once part of one of the world’s most prominent automotive alliances. Nissan has been under pressure to recover from a series of setbacks, including leadership instability, disrupted global supply chains, and slowing demand in key markets.

Nissan’s full-year earnings announcement on Tuesday is expected to provide further clarity on the company’s restructuring plans and financial outlook.

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